Closing a loan for a new construction home
I just signed a contract to buy a new construction home in NJ. We are 6 to 8 weeks from closing so I asked my lender what rates are and what it would cost for a rate lock. He gave 2.625% on a 30 year fixed rate and we could lock for 75 days with no charge. Is this common practice? Are there better deals out there? by bartlett464 from Jersey City, New Jersey. Dec 31st 2021
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
The answer depends on the closing costs. In today's market, Rates in the mid twos will likely cost you some significant discount points. Without knowing the loan amount, Loan-to-Value, credit scores, total closing costs, APR, its difficult to tell you if this is a good deal or not. Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300
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